Coin: Solana (SOL)
Signal Type: Long
Solana (SOL) has recently experienced a significant correction but has now moved back above its breakout point and is currently trading at a key support zone. This presents an attractive opportunity for long positions, as we anticipate strong upward momentum from this level.
The Trend-Based Fibonacci 1:1 Golden Ratio suggests that Solana is poised to reach approximately $284, which serves as an important intermediate target. Once this level is reached and the Golden Pocket is claimed, the next potential target lies at the 1.618 Fibonacci extension, indicating a possible price increase of up to 96% from the current levels.
Key Points to Note:
Entry Price: Around $178
Target Prices (TP): $284 to $351
Stop Loss (SL): $170
The broader market also supports a bullish outlook for Solana and other altcoins. BTC Dominance has rejected the Golden Fibonacci Ratio and has closed the weekly candle below this level, signaling a potential shift towards a more favorable environment for altcoins. Additionally, USDT Dominance is approaching a critical Fibonacci resistance zone, suggesting a potential correction that could further benefit altcoin prices.
Market Outlook:
BTC Dominance (BTC.D): Rejected from the Golden Fibonacci Ratio, with a weekly close below it. We are bullish on altcoins as this suggests reduced dominance for Bitcoin.
USDT Dominance (USDT.D): Approaching a key Fibonacci resistance level, which could lead to a decline and favor altcoin growth.
Total Altcoin Market (TOTAL2): Positioned to find support at the Golden Fibonacci Ratio, suggesting bullish momentum for altcoins in the coming week.
Conclusion:
We remain highly bullish on Solana and the altcoin market as a whole. The current price action, combined with broader market indicators, suggests strong potential for substantial gains. Ensure to monitor these price levels and adjust your trades accordingly. For real-time updates and premium signals, join our live session on Binance.
